Will take you through all the aspects of comparing and applying for the best prepaid card for you. Prepaid cards can be utilized as an excellent financial tool for managing your money. They give you the convenience of being able to direct deposit your paychecks or take out cash advances. You will also have the ability to pay bills online.
What is A PrePaid Card and How Does It Work?
A Prepaid card is just like it says “PrePaid.”
You load money on it ahead of time and then spend up to that limit.
Now you may ask “Why Would I Want To Do This?”
Well, actually it is a really great financial tool for those who want the ability to use a card to make electronic purchases.
It also gives you the ability to have your checks direct deposited right onto the card. This can eliminate the need for a regular checking account. The money is direct deposited on the card and then all your purchases and bills can be paid with the prepaid card.
There is no debt or credit to worry about. When you balance gets low, you just load more money onto the card.
PrePaid cards originally were being used for people with bad or poor credit. This is not the case anymore as all consumers are looking at it as a great option for managing you money and making your financial life completely mobile and more transparent.
So again, just think of the word “PrePaid.” If you have to load money on it first, it is a Prepaid card.
One of our favorite prepaid cards we recommend is the AccountNow® Prepaid MasterCard®
How Do I Get The Best PrePaid Cards?
You can look on our site as we have some of the best prepaid cards listed here for you. If you are out and about, you can also find prepaid card selections at stores like Walmart.
You can actually just pick up a prepaid card and then activate it. Applying online is easy and convenient. Just read through our reviews and look at our recommended section to find the best prepaid cards.
Prepaid Card Reviews
AchieveCard Visa Prepaid Card Review
What Is The Difference Between PrePaid Cards and Debit Cards?
Debit cards are issued by banks and are tied directly to your checking account. If you debit card is compromised you will have money taken directly out of your checking account. It gives you access to ATM’s to withdraw cash from your checking or savings. It utilizes the money you have in your checking account with your bank.
Prepaid cards are not debit cards. They are cards you activate and load money onto ahead of time. Usually a credit check is not required, as they do not report to the credit bureaus. They are very convenient to use and many people like the process better than a credit card. The main reason is it makes you budget you money and not get into debt. This is why prepaid cards have gotten so popular.
What Is The Difference Between PrePaid Cards and Secured Credit Cards?
A prepaid card and a secured credit card are similar in the fact that you have to load money on these cards to use them. The money must be loaded first to create a balance that you will then use up as you spend.
The main difference is that a secured credit card will normally report to the credit bureaus and therefore build you credit. This can help you improve your credit score. This is the main difference between a prepaid card vs secured credit cards.
What is The Difference Between a PrePaid Card and an Unsecured Credit Card?
This is an easy one to explain, especially if you read the definition of a Prepaid card in the paragraph above.
A Prepaid card has to have your money loaded on it first. You will then be able to spend up to that balance. Once it runs out you have to load more money on it. It is used just like a credit card for online purchases, expenses and to pay bills.
It can also be used for direct deposits of your Paychecks or other income.
A Unsecured Credit Card is very different than a PrePaid card or a secured credit card. With an unsecured credit card, you credit score is evaluated by the issuer of the card and the bank will determine a credit limit when you get your credit card.
This means you do not load anything on an unsecured credit card and you will actually owe each month based on what you spend. It is a revolving credit line or loan that you pay interest on and must make monthly payments.
You would not use a credit card for direct deposits, but can actually use it for cash advances. Most cash advances can have high interest rates associated with them if not paid in full at the end of each month.
A PrePaid card has no interest since you pay ahead by loading your money onto it.
With a Prepaid card you literally could go without a checking account. Many people are going this route as it encourages better money management and gives more financial freedom from banks.
Most people use both and have a Prepaid card for specific uses and also carry a good credit card in their wallet for other uses. It is all based on preference and your specific financial situation.
What Should I Look For When Comparing A PrePaid Card?
The main thing to review on Prepaid cards is the fees. They are all different and some have more fees than others. You just need to read the fine print when getting ready to apply for and activate you Prepaid card.
We will review on PrepaidCardsReviews.org all the details of many of the most popular and best prepaid cards.
Utilize this site as your main resource for PrePaid card information by bookmarking our site.
Is It Easy To Apply For A PrePaid Card?
Most Prepaid cards are very easy to apply for and activate.
For example, you could go down to Walmart and in the customer service section get the BlueBird Prepaid card through Amex. This is actually a really great PrePaid card, but there are hundreds of options we will discuss.
The customer service agent down at Walmart will load the money you give them on the card, activate it and you can utilize it that day.
Most of the Prepaid cards also have iPhone Apps and other mobile options that you can use to easily manage your account.
Prepaid cards are getting to be higher tech financial tools to make your financial life completely mobile.
When you read our reviews on PrePaid cards available, you will learn about their functionality and key details to help you before applying.
Are Secured Credit Cards an Option?
Secured credit cards are always an option to prepaid cards. We list a few good secured cards below for you to check out. One is a Classic Visa and the other a Gold Visa by primor. Just remember that a secured credit card will report to the credit bureaus. This can be a good thing and will build up your credit score. You will load money on your card just like a Prepaid. Using a secured credit card responsibly can be a great way to build your credit history and score.
First Progress has two Platinum cards we also recommend. Compare the cards below and get started today with any of the choices below.
Can a Personal Loan Be a Good Alternative?
Depending on what you are trying to accomplish, you can get money that can be used towards consolidating credit cards or debt. A personal loan can be a great way to do this and we list below a great option to apply to the best providers of personal loans. The process can be done online and you can get cash into your account within a day in most cases.
To apply for a personal loan for $1,000 to $35,000, visit PersonalLoans.com to get approved. Any credit score can apply and the entire process is done online. Apply now.